Their paper puts the spotlight on the green energy transition, with a key idea centred on developing an energy hub based on biomass-powered heat and power units. This initiative also includes establishing a lithium refinery at the site of the current lignite-based power plant, whose phase-out the authors suggest.

In the Finance section, Governor J. Tabaković sheds light on the external and internal factors shaping bank performance during different phases of economic cycles influenced by major geopolitical and global economic shocks, notably the global polycrisis. The paper highlights the delicate interplay between external destabilizing trends and internal anti-inflationary policy measures, and their combined impact on the banking sector performance, macroeconomic outcomes, and growth potential.

The paper in the Economic Growth and Development section, authored by I. Todorović and M. Nedeljković, deals with the spillover effects of U.S. monetary contraction. The authors particularly emphasize the prolonged and non-immediate effects, such as a decline in the real sector.

Measuring tax morale is an ambitious goal of the paper in the Tax and Law section. According to S. Ranđelović, 78 percent of people in Serbia report a high level of tax morale, placing the country in a below-average group among European nations. This reflects below-average trust in government effectiveness and the quality of public goods.

In the Accounting, Auditing and Forensics section, N. Džudović and D. Malinić analyze the mechanisms parent companies use in the pursuit of desirable financial results. The authors measure the impact of the commercial and financial aspects of transfer pricing on the performance of complex economic entities operating in Serbia.

An interesting discussion in the Technology Change and Innovation section starts with D. Vujović’s paper, which deconstructs GenAI as a true generalpurpose technology of the new industrial revolution. The objective is to highlight its potential and the scope of its impact on economic growth and policymaking. The second paper, authored by a team including N. Savić, J. Lazarević, F. Grujić, and V. Čolić Mihajlović, compares Gen Z with Gen Alpha, aiming to provide a sneak peek into their potential to “live” the new technology and harness its capabilities more extensively.

​Finally, in the International Economics and Business section, R. Kastratović and D. Lončar examine the impact of FDI on energy efficiency. Based on empirical tests, the authors find firm evidence within the examined sample that foreign ownership contributes to improved energy consumption through the adoption of new technologies, thus leading to higher productivity.